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Bloomberg Danske Bank A/S will target its fixed-income and currencies unit for job cuts as part of a sweeping plan to revive profits amid rising compliance costs and entrenched negative interest rates. Denmark’s biggest bank, which is being investigated for money laundering across Europe and in the US, missed analysts’ profit estimates, third-quarter results showed. It acknowledged its result this ...

Bloomberg Zimbabwe’s central bank is preparing to release new Z$2 ($0.13) and Z$5 banknotes that will come into circulation this month after a decade-long absence, according to a release in a government gazette. Since the reintroduction of the Zimbabwe dollar as the sole legal tender in June, transactions have been conducted in bond notes and coins, which, until February, had ...

Bloomberg The International Monetary Fund’s(IMF) executive board completed a sixth review of Sri Lanka’s economic performance, enabling the disbursement of about $164 million in supporting funds. This brought total disbursements under the Extended Fund Facility arrangement to about $1.31 billion, the IMF said in a statement dated November 1 on its website. Sri Lanka’s economy is gradually recovering from the ...

Bloomberg A former Citigroup Inc currency trader told a jury that he plotted with rivals at other banks in chat rooms, on the phone and at social gatherings to rig currency trades while their customers were led to believe they were actually competing with each other. “The purpose was to try to make more money trading,” Christopher Cummins testified in ...

Bloomberg Australia & New Zealand (ANZ) Banking Group Ltd profit was little changed as the lender faced a slowing economy and higher customer-compensation costs. Cash profit from continuing operations was A$6.47 billion ($4.46 billion) in the year ended on September 30, compared to A$6.49 billion the year before, the Melbourne-based lender said. “This has been a challenging year of slow ...

Bloomberg Goldman Sachs Group Inc leaders have been coy about backing up their recent assertion that the Apple Inc card is the industry’s most successful credit card launch ever. Regulatory filings offer a first glimpse into the numbers that had the bank gushing. After a full roll-out of the card last quarter, credit lines the bank has extended to Apple ...

Bloomberg Christine Lagarde’s first day as the new president of the European Central Bank in Frankfurt protesters were brandishing a sign reading: “If the Earth was a bank you’d have long rescued it.” The march by some 150 people to the ECB’s headquarters — following a similar demonstration at the Bank of England last month — highlighted how technocrats tasked ...

Dubai / Emirates Business Under the patronage of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and President of Dubai Electricity and Water Authority (Dewa), the International Desalination Association (IDA) concluded the 2019 World Congress that was hosted by Dewa at the Dubai International Convention and Exhibition Centre under the theme “Crossroads to Sustainability”. ...

DUBAI / WAM Dubai Silicon Oasis (DSO), the integrated free zone technology park, and Intel, the Silicon Valley-headquartered tech giant, on Saturday announced the launch of the new phase of “Intel Innovation Centre” that is directly aligned with the “Project Mustakbal”, an initiative that was revealed by Intel during the event and seeks to further accelerate the Middle East’s game-changing ...

Abu Dhabi / Emirates Business The 12th Medication Safety Conference 2019, organised by Synovetics, was held in Abu Dhabi, in collaboration with the American Society for Health System Pharmacists (ASHP) at the Dusit Thani Hotel. Around 800 participants attended the event that gathers renowned speakers in medication and patient safety from across the globe. The Medication Safety Conference delivers its ...